Future of Banking

By
Jane

Published
11 months
ago

The future of banking is very bright as the banks are transforming to digital banks. The traditional banks struggle to make a long-term relationship with their customers but due to the technology the digital banking is taking place of traditional banking system rapidly. Many banks are working to digitalize them as they know it is the need of the modern era. They are working on mobile apps to let them manage their accounts from their smart phones. And some startups have already taken this approach one step further by creating digital-only banks that completely remove the need for a physical branch. Twenty-seven percent people in the world make a payment from their smart phone last month. Transferring amount from smart phone is more convenient rather than going to the branch and transferring amount to other account.

In mobile banking there is more flexibility and more speed that we can offer to customers. There is no doubt that mobile banking is the fundamental part of modern day digital banking but in future we will see the much better payment solutions. There will be many secure ways of payment and also the connectedness of customers. People are supporting the new technology in banking field. Digital payment will replace the old payment methods in the near future. Tandem, Monzo, Starling Bank, Ally Bank and Fidor Bank are the digital-only banks. Traditional banks have had to innovate in other to stay in this race of banking. Many corporate investors started to increase their investments more from the last couple of years. This will remain continue in the next coming years because the shareholders will try to invest more in startups in order to get more benefits. They are trying to invest in the most innovative startup of digital banking. Many banks and financial institutions are investing in to digitalize their system. They are trying to upgrade their capabilities, they are creating centers for innovation and for the testing of new technology.

Many big names in the field of banking have started to digitalize their systems. Many banks have dedicated more than 20% budget to digitalize their system. Because they know they will be out of this race if they will not digitalize their system. Many people believe that there will be a real innovation when traditional inheritance banks and startups will tend to move away from the modernization of digital experience and jump into the new era of digitalization of banks.

Basically, the future of banking is changing for the betterment of people. Digitalization allows to improve many banking processes. The demands and the expectations of customers are increasing so technology is very important to meet the customer needs. Modern day banking is a kind of digital banking although it is not completely digital banking. In the future we will see more innovation in banking field. Digitalization of banking process is not the future of banking. It requires some new kind of innovation to give people total relief. A system on which people can trust blindly.

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